Crude Oil Rebounds to Trim Biggest Weekly Decline Since June
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Oil advanced in New York as investors speculated that the biggest weekly decline in more than three months was exaggerated.
November futures rose as much as 1.2 percent after front-month prices slid 7.2 percent in the four days through yesterday, when the October contract expired. New York crude has technical support after settling below the lower Bollinger Band at $92.55 a barrel the past two days. The last time it closed below the band on June 21, oil gained 12 percent over the next eight trading sessions. Prices may fall next week on concern economic growth will slow, a Bloomberg News survey showed.